7/1/2022 – MetroIntelligence Economic Update by P. DUFFY

MetroIntelligence Economic Update by P. DUFFY

 

May personal income rises 0.5 percent vs. 0.2 percent rise in spending

In May, both personal income and disposable personal income increased 0.5 percent in May, and consumption expenditures (PCE) increased 0.2 percent, leading to a slight increase in the personal savings rate to 5.4 percent.

https://www.bea.gov/news/2022/personal-income-and-outlays-may-2022

 

Inflation tracker PCE Price Index up 0.6 percent in May and 6.3 percent year-on-year

The PCE Price Index rose 0.6 percent in May vs. 0.2 percent in April, and was up 6.3 percent year-on-year, the same as in April.  The index minus food and energy rose 0.3 percent in May, the same as in April, and was up 4.7 percent year-on-year, down from 4.9 percent in April.

https://www.bea.gov/news/2022/personal-income-and-outlays-may-2022

 

1Q2022 GDP by state fell in 46 states and DC

Real gross domestic product (GDP) decreased in 46 states and the District of Columbia in the first quarter of 2022, as real GDP for the nation decreased at an annual rate of 1.6 percent. The percent change in real GDP in the first quarter ranged from 1.2 percent in New Hampshire to –9.7 percent in Wyoming.

https://www.bea.gov/news/2022/gross-domestic-product-state-1st-quarter-2022